September 2020 Cannabis Industry Update
We hosted our monthly cannabis industry update covering headlines and trends that cannabis business operators need to know about. If you need help with your
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Tax and business strategies to increase cash flow and ensure full compliance with all applicable states’ rules and regulations.
Our goal at GreenGrowth CPAs is to help individuals and companies in the cannabis industry identify and apply tax and business strategies to increase their cash flow while making sure they are in full compliance with all applicable states’ rules and regulations
We hosted our monthly cannabis industry update covering headlines and trends that cannabis business operators need to know about. If you need help with your
Recently the IRS released guidance for cannabis businesses about IRC 280E, IRC 471 including 471c. We wrote a quick blog post about it which you
Last week, on Friday, September 18th, California Governor Gavin Newsom signed Assembly Bill 1872 which put STATE cannabis business taxes into a holding pattern. The
With many states around the country having legal cannabis or soon-to-be legal cannabis, interstate commerce of cannabis products is a hot topic. Learn about how
The IRS has clarified guidance for the cannabis industry. 280E applies to all cannabis businesses no matter if the business is legal or illicit Form
As tax extensions are coming due, we wanted to share some ‘insider’ thoughts about choosing a CPA to prepare your cannabis business tax returns. Over
Yesterday, Derek & Jim hosted our monthly cannabis industry update for July. This past month, there have some relatively large updates that can affect cannabis
With the United States being the largest cannabis market in the world, it’s common to see cannabis companies with sizeable investments from foreign individuals and
Yesterday, Derek and Jim went live to discuss what our team is seeing develop over the past 30 days in the cannabis industry and answered
Earlier this year the Treasury Inspector General published their 53-page report on how the IRS handles cash-based businesses and their findings for the cannabis industry.
We can help save you time and money by:
At its core, tax planning is the analysis of your finances from a tax perspective, with the purpose of ensuring maximum tax efficiency. Some common considerations of tax planning include timing of income, size, timing of purchases, and planning for expenditures.
We advise that you get a trained and experienced cannabis CPA for tax preparation and filing your cannabis business’ state and federal tax returns. No, there is no law or regulation that requires this, we just highly recommend using a cannabis industry certified public accountant to assist with tax planning, tax preparation, and tax filing.
Using an industry professional for this service is vital to ensure that your cannabis operation is compliant and running smoothly. There are many different tax codes and nuances that are cannabis specific–like 280-E–that require an extensive background to understand what they fully mean for you and your business. It is important not to miss this in the early stages of your business, or else you risk failure. Cannabis taxes can be tricky to comprehend due to the complex nature of the industry.
We are operating in an industry that is not recognized as ‘legal’ by the United States Federal Government. So, it is left to the legalized states to implement certain laws, regulations, and tax codes for cannabis businesses. GreenGrowth CPAs can help prepare your business for an external audit by organizing and preparing the required documents necessary to show an external auditor if it were to happen.
Yes, CPAs are investments. Now, we know it’s no secret, GreenGrowth CPAs are not the cheapest when it comes to tax preparation fees. Our real value is in what we can save you on your taxes when you leverage our cannabis industry experience.
With a general CPA, you can save on the initial prep fees and will feel like you’re getting a deal when you compare them to our prices. But you’re more likely to have a bigger tax bill with that generalist CPA.
With GreenGrowth CPAs, it is a bit more upfront costs on preparation, but you are more likely able to unlock incredible tax savings because we know what we are looking for and how to help your specific type of business.
These tax savings we find for your cannabis business are something that you can take advantage of EVERY YEAR. And the more revenue you generate, the higher the potential tax savings we can recapture for you. Where else can you invest money and get back a 3x, 5x, or even 8x return on your investment?
Tax preparation and planning in the cannabis industry requires every business to prepare their company’s quarterly and annual taxes for the state and federal government, as well as for a potential audit report. Quite simply, if you calculate cannabis sales tax incorrectly (which a majority of operators do), then you will most likely have an auditor at your door getting ready to sift through ALL of your reports and paperwork. This is no joke.
Choosing a CPA in the cannabis industry to file your state and federal tax returns will inhibit anything like this from happening. It is worth the extra money to pay for a cannabis CPA expert to do your taxes so you will not have to deal with an external auditor. Although you can still be audited, you will be prepared and ready to show the auditors correct documentation.
Cannabis CPAs don’t miss any details and nuances. Cannabis business tax planning and preparation consultants follow a step-by-step procedure to ensure that your books are organized and correctly reflect the operations of your company.